The Court has the discretion to liquidate the company which is unable to pay its debts.
This was held in a judgment delivered by Mr Justice Ian Spiteri Bailey presiding over the Civil Court (Commercial Section) on 29 January 2025.
The case is ICE Net SA vs EFT Global Limited.
In its sworn application the Plaintiff Company asked the court to declare that the Defendant Company is unable to pay its debts in terms of Articles 214(5)(a) and (2)(a) of the Companies Act and as a consequence to order the liquidation of that company. The Plaintiff Company also asked the Court to appoint an administrator for the Defendant Company.
The Plaintiff Company explained that the First Hall of Civil Court, in its…
